Why Bitcoin and Altcoin Prices Rise: Here Are Two Developments That Moved the Market

Bitcoin (BTC) and altcoin prices have gained up to 25% in the last 24 hours.

According to CoinGecko data, the total value of the cryptocurrency market grew by 2.7% on a daily basis and reached $2.77 billion. Floki (FLOKI), Uniswap (UNI) and ORDI (ORDI) gained 25%, 18% and 16% respectively.

Bitcoin (BTC) price rose more than 3% on a daily basis and briefly exceeded $71,000.

Expected data from the USA arrived

The US Department of Labor announced the JOLTS job vacancy data for April.

The number of vacant jobs in the country decreased by 296 thousand in April compared to the previous month, falling to 8 million 59 thousand. The number of job vacancies has fallen to the lowest level since 2021.

According to FactSet data, economists expected the number of open jobs to be announced at 8 million 360 thousand for this period.

Slowing growth in the number of job vacancies may indicate a slowdown in the economy in general.

“The Federal Reserve would welcome signs that the job market situation is calming, but the JOLTS data does not change our view that the Fed will keep interest rates at current levels through September,” said Nancy Vanden Houten, economist at Oxford Economics.

The record of the last two and a half months was broken

There was a total of $886 million in inflow to spot Bitcoin ETFs in the USA on Tuesday. This much money hasn't gone into ETFs since March. Yesterday was also the second most successful day for ETFs since they began trading.

Bloomberg analyst Eric Balchunas said that 3.3 billion dollars of money entered ETFs in the last month, and the total amount exceeded the 15 billion dollar limit.